TCRAP_Public/150112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, January 12, 2015, Vol. 18, No. 007


                            Headlines


A U S T R A L I A

CLADTECH PTY: First Creditors' Meeting Set For Jan. 19
ITTI PTY: Cloth Nappy Company Placed in Administration
IVNX GROUP: First Creditors' Meeting Slated For Jan. 16
MISSCHU PTY: Owes AUD4 Million; Founder Vows to Buy Back Firm
SOUTH EAST: First Creditors' Meeting Slated For Jan. 19


C H I N A

CHINA FOR YOU: Marina Bay Sands Sues Chairman Over SGD3.9MM Debts
KAISA GROUP: Appears to Default on Offshore Bonds
RENHE COMMERCIAL: S&P Lowers CCR to 'SD' on Buyback Completion


I N D I A

AGRICULTURAL PRODUCE: ICRA Cuts Rating on INR97cr Term Loan to D
AMBRISH KUMAR: ICRA Assigns B Rating to INR4.55cr Bank Guarantee
ANAY AGENCY: ICRA Suspends B+ Rating on INR15cr Loan
ARUNODYA FEEDS: ICRA Suspends B Rating on INR5cr Bank Loan
ASHIRVAD FOOD: CRISIL Ups Rating on INR139.8MM Cash Loan to B-

BHARAT SUPPLY: ICRA Reaffirms B Rating on INR3cr Cash Credit
CAVIER BATHFITTINGS: CRISIL Puts B+ Rating on INR60MM Cash Loan
CHINTAMANI SHARMA: CRISIL Rates INR40MM Cash Credit at 'B+'
EPITOME PETROCHEMICAL: CRISIL Cuts Rating on INR165.6MM Loan to C
ERA INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR3.0BB Loan

FAIZ INDUSTRIES: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
FIROZABAD CERAMICS: ICRA Suspends D Rating on INR18.34cr Loan
G.B. COTTON: ICRA Assigns B+ Rating to INR10cr Cash Credit
GRAND AUTO: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit
GREAT WALL: CRISIL Suspends B+ Rating on INR40.8MM Bank Loan

GURANDITTA MAL: ICRA Reaffirms B Rating on INR12.20cr FB Loan
HONEST REALTY: ICRA Lowers Rating on INR5cr Fund Based Loan to D
IMMENSE PACKAGING: ICRA Cuts Rating on INR8cr Loan to 'D'
JAI PRAKASH: ICRA Lowers Rating on INR17.30cr Cash Credit to 'D'
JDS FOUNDATION: CRISIL Assigns B Rating to INR122.5MM Bank Loan

JINDAL POLY: ICRA Reaffirms B+ Rating on INR6.75cr Cash Credit
KAVAN COTTON: ICRA Reaffirms B+ Rating on INR40cr Cash Credit
KVN IMPEX: CRISIL Reaffirms B+ Rating on INR17.5MM Cash Credit
LAKSHMI RICE: ICRA Suspends B Rating on INR10.50cr Loan
LATHIYA BROTHERS: ICRA Suspends B+ rating on INR6.50cr Loan

LOCKSMITHS INDUSTRIES: ICRA Cuts Rating on INR4.25cr Loan to 'D'
LRC ABARANA: ICRA Assigns B+ Rating to INR15cr Bank Loan
LUTHFA FOUNDATION: CRISIL Assigns B Rating to INR85.4MM Bank Loan
MAKKAR TEXTILE: CRISIL Ups Rating on INR58.1MM Term Loan to B+
NATVAR COTEX: ICRA Reaffirms 'B' Rating on INR6cr Cash Credit

NETRA MERCANTILE: ICRA Revises Rating on INR40cr Non FB Loan to D
PERMANENT MAGNETS: ICRA Reaffirms 'D' Rating on INR15.40cr Loan
RISHIKA COTTONS: CRISIL Assigns B+ Rating to INR150MM Cash Loan
SABARI TEXTILES: CRISIL Suspends D Rating on INR160MM Term Loan
SHREE BALAJI: CRISIL Cuts Rating on INR50MM Cash Credit to 'D'

SHIPRA AGRICHEM: CRISIL Assigns 'D' Rating to INR80MM Cash Loan
SOLID STATE: CRISIL Suspends D Rating on INR85MM Rupee Term Loan
SPRING MERCHANDISERS: ICRA Cuts Rating on INR7.5cr Loan to 'D'
SRI GANESH: CRISIL Suspends D Rating on INR150MM Cash Credit
SRI VENKATA: ICRA Suspends B+/A4 Rating on INR8cr Bank Loan

SUTECH INDUSTRIES: ICRA Suspends B+ Rating on INR9cr Loan
SWASHTHIK CAPS: CRISIL Suspends B+ Rating on INR41.6MM LT Loan
TATA STEEL: Moody's Upgrades Corporate Family Rating to Ba1
THRIIVE CARS: CRISIL Reaffirms B+ Rating on INR40MM Funding Loan
TINNA RUBBER: ICRA Ups Rating on INR26cr LT Loan to 'BB-'

VICHITRA PRESTRESSED: ICRA Cuts Rating on INR15cr Loan to 'D'
WINDSON CERAMIC: ICRA Reaffirms B Rating on INR3cr Cash Loan


I N D O N E S I A

INDONESIA: S&P Assigns 'BB+' Rating to Benchmark-Size US$ Notes
TOWER BERSAMA: Fitch Affirms BB Long-Term Issuer Default Ratings


T A I W A N

TAIWAN HIGH: FSC Head Allays Banks' Fears Over Loan Security


                            - - - - -


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A U S T R A L I A
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CLADTECH PTY: First Creditors' Meeting Set For Jan. 19
------------------------------------------------------
Michael Charles Hird and Geoffrey Trent Hancock of Moore Stephens
Sydney were appointed as administrators of Cladtech Pty Limited on
Jan. 7, 2015.

A first meeting of the creditors of the Company will be held at
Fraser Suites Perth, 10 Adelaide Terrace, in East Perth, WA, on
Jan. 19, 2015, at 12:00 p.m.


ITTI PTY: Cloth Nappy Company Placed in Administration
------------------------------------------------------
Eloise Keating at SmartCompany reports that Itti Pty Ltd, a
New South Wales cloth nappy company that was previously named NSW
Small Business Exporter of the Year, collapsed into voluntary
administration on Christmas Eve but appears to have been saved by
new owners.

SmartCompany says the cloth nappies designed and manufactured by
Itti Bitti, previously known as the Itty Bitty Nappy Co, have a
cult following among parents and at one stage were sold in more
the 25 countries.

SmartCompany, citing a notice published by the Australian
Securities and Investments Commission, discloses that Simon Thorn
of PKF Lawler was appointed administrator of Itti Pty Ltd,
formerly trading as the Itti Bitty Nappy Co, on December 24.

The first meeting of creditors was scheduled to take place in
Newcastle on Jan. 8.  While the Itti Bitti website is still
online, no products are currently listed for sale, the report
states.

But according to the Itti Bitti Facebook page, the company changed
ownership on December 24.

"We are pleased to announce that itti has new ownership," said a
post on Christmas Eve, SmartCompany relays.

"The itti team wishes to acknowledge the years of hard work and
dedication shown by [founder] Sue [McLachlan] to create such an
amazing brand and all its awesome products . . . We look forward
to continuing to grow itti and the amazing range of products we
offer."

According to SmartCompany, in a follow-up post on December 30, the
company acknowledged customer concerns and said the new owners
"have full intention to honour all outstanding pre-
orders/vouchers/credits associated with the previous company",
while the new owners wrote to Facebook fans on January 6, saying
the company will be back-up and running today, January 12.

"As the new owners we have been deeply touched by the comments and
posts by the itti followers and the genuine concerns expressed in
those messages," said the post, written by John, Lorraine and the
itti team.

"To those of you affected by the liquidation of the previous
company, we understand your frustration and our thanks go to you
all for your patience and understanding. It is important to be
known the itti staff who were corresponding with you until 'that'
day had no prior knowledge of the events that were about to unfold
and therefore remained under the assumption that the products had
been delayed."

"So much has happened since our involvement (Christmas Eve) with a
lot of hard effort going towards achieving our goal and number one
priority that being re-assured our customers and honour our
commitment to supply all pre-ordered products as quickly as
possible. Within three days we had made all outstanding supplier
payments ensuring the pre-sales to be manufactured."

But while the new owners offered customers who had ordered
products before the collapse "an exclusive limited edition gift",
they said they were not in a position to refund any orders,
SmartCompany relays.

A spokesperson for Itti Bitti told SmartCompany the new owners are
not currently in a position to comment but confirmed Itti Pitti
Pty Ltd is in administration.

The Itti Bitty Nappy Co was founded by Newcastle businesswoman Sue
McLachlan from her dining room table in 2005. Originally selling
cloth nappies, the company later expanded to include other baby
products, including toys, baby carriers and teething jewellery,
the report discloses.


IVNX GROUP: First Creditors' Meeting Slated For Jan. 16
-------------------------------------------------------
Jon Howarth and Andrew Schwarz of A.S. Advisory Pty Ltd were
appointed as administrators of IVNX Group Pty Ltd, IVNE Pty Ltd,
ITELECOM Wholesale Pty Ltd and IVNO Pty Ltd on Jan. 6, 2015.

A first meeting of the creditors of the Company will be held at
IVNX Group, Level 2, 450 St Kilda Road, Melbourne, on Jan. 16,
2015, at 11:00 a.m.


MISSCHU PTY: Owes AUD4 Million; Founder Vows to Buy Back Firm
-------------------------------------------------------------
Lisa Visentin at The Sydney Morning Herald reports that vietnamese
refugee-turned-entrepreneur Nahji Chu has renewed her pledge to
save her rice-paper roll empire from more than AUD4 million debt,
after creditors were informed of the scale of the wreckage.

Miss Chu, who was forced to place her eponymously named Vietnamese
tuckshop business into voluntary administration in December, told
Fairfax Media she was pressing ahead with plans to buy back the
business and had a group of advisers on board as equity partners,
according to the report.

"It's my absolute strategy to win back that business and I'm
pretty confident that I will," the report quotes Miss Chu as
saying.  "It's the only thing on my mind."

Up to AUD400,000 is owed to secured creditors, and debts to
unsecured creditors amount to AUD2.5 million.  A further
AUD1.4 million is owed to employees, most of it redundancy
payments and entitlements, SMH discloses.

According to the report, Miss Chu said she had mistakenly placed
her faith in a recently installed management team, but conceded
she had taken her "eye off the ball" as the business's costs blew
out as staff numbers exploded.

She said that in October, she discovered the business was running
at 58 per cent labour, which amounted to AUD1.6 million increase
in payroll expenses. About 40 staff were immediately retrenched
when the business went into administration, the report says.

Rahul Goyal and Janna Robertson of KordaMentha Restructuring have
were appointed Voluntary Administrators of Miss Chu Pty Limited
and Miss Chu Manly Pty Limited (collectively known as 'MissChu')
on Dec. 23, 2014.

Miss Chu operates six retail tuckshops and a catering business in
New South Wales. The Melbourne and London MissChu businesses are
not affected by the Voluntary Administration.


SOUTH EAST: First Creditors' Meeting Slated For Jan. 19
-------------------------------------------------------
Cameron Shaw, Richard Albarran & David Ingram of Hall Chadwick
were appointed as administrators of South East Asia Resources
Limited on Jan. 8, 2015.

A first meeting of the creditors of the Company will be held at
The Duxton Hotel, 1 St Georges Terrace, in Perth, WA, on
Jan. 19, 2015, at 11:00 a.m.



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C H I N A
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CHINA FOR YOU: Marina Bay Sands Sues Chairman Over SGD3.9MM Debts
-----------------------------------------------------------------
Toh Han Shih at SCMP.com reports that Marina Bay Sands, the
Singapore subsidiary of US casino operator of Las Vegas Sands, has
sued Chen Huaide, chairman for China For You Group, for SGD3.9
million of debts in the Hong Kong High Court, the Hong Kong-listed
firm announced on Jan. 8.

"A charging order may have been made restraining Mr Chen from
transferring certain shares of certain company or companies on
January 7," said the company's announcement to explain its unusual
share price movement, SCMP.com relays.

The company's share price plunged 27.4 per cent to 45 Hong Kong
cents on Thursday, Feb. 8. Its share price fell another 11.1 per
cent to 40 Hong Kong cents as of noon Friday, Feb. 9.

"Mr Chen confirms that the action is his personal matter; the
shares of one of his private companies are the subject assets of
the charging order; and the matter can be resolved the soonest.
The board considers that the action and all the orders are
personal matters of Mr Chen. Besides, the company confirms that it
had no involvement in the matters," For You, which changed its
name from China Packaging Group last November, said, notes the
report.

Mr. Chen was appointed chairman of For You on Oct. 10, 2014, after
the company dismissed He Jianhong as chairman, according to the
report.  For You, an investment holding company, posted a net loss
of CNY6.54 million in the first half on turnover of CNY16.24
million.

China For You Group Co Ltd, formerly China Packaging Group Company
Limited, is an investment holding company. The Company, along with
its subsidiaries, is engaged in the manufacture and sale of
tinplate cans for the packaging of beverage in Shanxi, the
People's Republic of China (PRC). The Company's business
operations include tinplate cans packaging business and lacquering
and printing business. Its subsidiaries include Bloxworth
Enterprise Limited, engaged in the investment holding business,
and Shanxi Zhanpen Metal Products Co., Ltd, engaged in the
manufacture and sale of tinplate cans for the packaging of
beverage in the PRC.


KAISA GROUP: Appears to Default on Offshore Bonds
-------------------------------------------------
Wayne Ma and Fiona Law at The Wall Street Journal reports that a
Shenzhen real-estate developer with seemingly sound finances
likely became the first Chinese property company to default on
offshore bonds Jan. 8, in a development that is raising concerns
among global investors.

Kaisa Group appears to have missed interest payments due on
$500 million of debt held by foreign investors, the Journal
relates citing several managers of funds that hold the bonds.
Although the company has a 30-day grace period to pay after the
due date, missing the deadline would put Kaisa in technical
default, analysts said, the Journal relays.

On Thursday [Jan. 8] evening, a Kaisa representative said he
didn't know whether the company had paid, the Journal says.  More
than two dozen foreign fund companies ranging from BlackRock Inc.
to Fidelity Investments and Lion Global Investors owned Kaisa debt
in recent months, according to Thomson Reuters, although it isn't
clear how many currently hold the debt, the Journal says.
BlackRock and Fidelity declined to comment, while a spokesperson
for Lion Global, a Singapore-based fund company, said it has sold
its holdings, the Journal relays.

The Journal adds that several fund managers said that the
situation is heightening market fears, making foreign investors
wary of Chinese property bonds overall and anxious about whether
other seemingly healthy companies in the sector could melt down as
well. Kaisa's difficulties, which appear to stem from government
intervention in a real-estate company, have added to concern about
the risk of investing in Chinese bonds more broadly, the report
adds.

Kaisa Group Holdings Ltd. (HKG:1638) is a China-based property
developer.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 7, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China-based real
estate developer Kaisa Group Holdings Ltd. to 'SD' from 'BB-'.  At
the same time, S&P lowered its long-term Greater China regional
scale rating on Kaisa to 'SD' from 'cnBB+'.  S&P also lowered its
issue rating on the company's senior unsecured notes to 'CC' from
'BB-' and the Greater China regional scale rating to 'cnCC' from
'cnBB+'.  S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Dec. 23, 2014.

"We downgraded Kaisa because the company has defaulted on a
Hong Kong dollar (HK$) 400 million offshore term loan," said
Standard & Poor's credit analyst Dennis Lee.  "This is an event of
default and could cause an acceleration of debt repayment on all
its other debt. Kaisa's other debt instruments have cross-default
clauses."

The missed repayment on the loan puts Kaisa in "selective default"
as the company has not yet defaulted on its other debt
obligations.  The company failed to repay its HK$400 million
offshore loan from HSBC on Dec. 31, 2014, when the resignation of
Kaisa's chairman, Mr. Kwok Ying Shing, triggered a mandatory
repayment.

Moody's Investors Service has also downgraded Kaisa Group Holdings
Ltd's corporate family and senior unsecured debt ratings to Caa3
from B3.  The ratings outlook is negative.


RENHE COMMERCIAL: S&P Lowers CCR to 'SD' on Buyback Completion
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Renhe Commercial Holdings Co.
Ltd. to 'SD' from 'CC'.  At the same time, S&P lowered the ratings
on the company's US$300 million 11.75% senior unsecured notes due
2015 and US$600 million 13% senior unsecured notes due 2016 to 'D'
from 'CC'.  S&P also lowered its long-term Greater China regional
scale ratings on Renhe to 'SD' from 'cnCC' and on the notes to 'D'
from 'cnCC'.

"We downgraded Renhe following the company's completion of a
buyback of its outstanding senior unsecured notes at a substantial
discount to their par value because we consider the transaction to
be a distressed exchange tantamount to an immediate default," said
Standard & Poor's credit analyst Christopher Yip.

On Jan. 7, 2015, Renhe announced that it had completed the buyback
offer of US$221.291 million for its US$300 million 11.75% senior
unsecured notes due 2015 and US$438.802 million for its US$600
million 13% senior unsecured notes due 2016.

Renhe bought back 73.8% of the notes due 2015 paying US$930 for
every note of US$1,000 of par value, and 73.1% of the notes due
2016 paying noteholders US$820 for every US$1,000 of par value.
The company has also received consent from noteholders to amend
and waive conditions of a rights issue.  Renhe funded the tender
offer with the proceeds from the rights issue of about Hong Kong
dollar 3.3 billion and US$376 million in credit facilities.  The
rights issue was fully subscribed by Renhe's shareholders and
underwriter.

Renhe's financial performance in the first half of 2014 was worse
than S&P's base-case expectation.  S&P do not expect the company's
business to have materially improved in the second half of 2014.
S&P also do not anticipates that business will significantly
strengthen over the next 12 months.  S&P's views are based on
Renhe's consistently weak sales and operating efficiency over the
past several years.  S&P believes Renhe's access to funding will
be limited to the repayment of the notes, and this may further
delay its projects and weaken its earnings prospect.

S&P will reassess Renhe's credit profile, particularly the
company's liquidity due to the completion of the buyback.  S&P
believes that under Renhe's current distressed financial
situation, the company's access to new bank credit may be
uncertain.  S&P expects to assign new ratings to Renhe and its
outstanding notes in the coming week.  At this stage, S&P do not
expect the new corporate credit rating to be higher than 'CCC+'.



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AGRICULTURAL PRODUCE: ICRA Cuts Rating on INR97cr Term Loan to D
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR97.00
crore term loans of The Agricultural Produce Market Committee,
Rajkot (APMC) to [ICRA]D from [ICRA]BB+.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based-Term Loans    97.00       Revised to [ICRA]D
                                        from [ICRA]BB+

The rating action takes into account APMC's strained liquidity
position as exhibited by delays in meeting its principal repayment
and interest payment obligations to the bank. The liquidity
position remains stretched due to delayed auction of licenses for
nearly thirty percent of the assets that were pending to be
auctioned after the first phase of auction and allotment.

The rating continues to remain constrained by vulnerability of
revenue to adverse movement in trading volumes of agricultural
produce in the region and risk associated with capital inflow
related to pending auction of remaining assets.

The Agriculture Produce Market Committee (APMC), Rajkot is an
elected body under the Gujarat APMC Act, 1963 which has been
implemented in Gujarat for regulation of marketing of agricultural
produce for development of existing markets and for establishment
of new market yards. APMC provides a market place for trading of
various agricultural commodities produced in the nearby region. It
also provides shops and store areas on lease to traders who carry
out the trading activity in the marketing yard. The major
commodities being traded in market yards of APMC, Rajkot are food
grains, pulses, oil seeds, cotton, fruits and vegetables.


AMBRISH KUMAR: ICRA Assigns B Rating to INR4.55cr Bank Guarantee
----------------------------------------------------------------
ICRA has assigned its [ICRA]B rating to the INR6.10 crore long
term fund based and non fund based bank limits of M/s Ambrish
Kumar Tripathi.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.00        [ICRA]B; assigned
   Bank Guarantee        4.55        [ICRA]B; assigned
   Term Loan             0.55        [ICRA]B; assigned

The rating is constrained by the firm's small scale of operations
and its exposure to geographic and client concentration risks as
the operations are confined to earthen dam construction orders
from Madhya Pradesh Water Resources Department (MPWRD). This
apart, the rating takes into account the limited revenue
visibility as the firm plans to execute bulk of its current order
book by March 2015. Further, the rating is constrained by the
firm's stretched liquidity as evident from fully utilized fund
based limits and large upcoming debt repayment, which renders the
firm dependent on timely support from promoters in case of
execution delays, resulting in lower than expected cash accruals.
Also, the proprietorship nature of the firm exposes it to risks
like withdrawal of capital, risk of dissolution etc.

However the rating favourably factors in the moderate financial
profile of the firm characterized by moderate profitability
(operating margin of 12.9% in 2013-14), low gearing and moderate
coverage indicators (gearing of 1.16 times, OPBDIT/Interest of
2.91 times and NCA/Debt of 41% as on March 31, 2014).

Going forward, the ability of the firm to improve revenue
visibility through sustained additions to its order book,
diversify its client base and manage its liquidity position will
be the key rating sensitivities.

Incorporated in 2009 as a sole proprietorship firm by Mr Ambrish
Kumar Tripathi, the firm is engaged in civil construction works-
primarily construction of earthen dams. The firm is enlisted as a
Class-A contractor with MPWRD.


ANAY AGENCY: ICRA Suspends B+ Rating on INR15cr Loan
----------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR15.00
crore, long-term, fund-based, working capital facilities of
Anay Agency. ICRA has also suspended the [ICRA]A4 rating assigned
to the INR10.00 crore, short-term, non-fund based, working capital
facilities of Anay Agency. The suspension follows ICRA's inability
to carry out a rating surveillance in absence of the requisite
information from the company.


ARUNODYA FEEDS: ICRA Suspends B Rating on INR5cr Bank Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5 crore, bank
lines of Arunodya Feeds Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


ASHIRVAD FOOD: CRISIL Ups Rating on INR139.8MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ashirvad Food Products Pvt Ltd (AFP) to 'CRISIL B-/Stable' from
'CRISIL C' while reaffirming its rating on the company's short-
term facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           3.2        CRISIL A4 (Reaffirmed)
   Cash Credit            139.8        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL C')
   Letter of Credit         1.2        CRISIL A4 (Reaffirmed)
   Term Loan                5.8        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL C')

The rating upgrade reflects receipt of subsidy by AFP from the
government, which will be used for regularising its term loan
facility from West Bengal Industrial Development Corporation.
While AFP's liquidity continues to be constrained by low cash
accruals and high bank limit utilisation, it is expected to remain
supported by unsecured loans from the promoters.

The ratings reflect the company's weak financial risk profile and
large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of its promoters in
the flour industry and its established customer base.

Outlook: Stable

CRISIL believes that AFP will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of improvement in the
company's accruals or working capital management, leading to
better liquidity. Conversely, the outlook may be revised to
'Negative' in case of low accruals, lengthening of the working
capital cycle, or large debt-funded capital expenditure, weakening
AFP's liquidity.

AFP, incorporated in 2003, manufactures wheat products such as
atta, maida, suji, and bran. In July 2011, the company's ownership
changed, with the Poddar family, comprising Mr. Lalit Poddar, Mr.
Jitendra Poddar, and Mr. Sarvesh Poddar, wholly acquiring the
company. AFP has a manufacturing facility in Purulia (West
Bengal).


BHARAT SUPPLY: ICRA Reaffirms B Rating on INR3cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR3.00
crore cash credit facility of Bharat Supply Company.  ICRA has
also reaffirmed the short term rating of [ICRA]A4 to the INR4.00
crore letter of credit facility of BSC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        Reaffirmed at [ICRA]B
   Letter of Credit      4.00        Reaffirmed at [ICRA]A4

The reaffirmation of the ratings takes into account BSC's weak
financial profile, as reflected by low profitability, high gearing
levels and weak debt coverage indicators, and high working capital
intensity of business that exerts pressure on the liquidity
position of the firm. However, ICRA notes that with bulk of its
purchases in the current year being LC (letter of credit) backed,
the working capital intensity is expected to moderate going
forward. The ratings also factor in the vulnerability of
operations to commodity price movements and the exposure of
profitability to any adverse change in foreign currency exchange
rates. Moreover, with BSC's status as a proprietorship firm, it
remains exposed to the risk of capital withdrawal by the
proprietor. The ratings take note of significant increase in
turnover during 2013-14 owing to the firm's foray into trading of
food grains and the favourable outlook for the entity's products
in the domestic market. Going forward, the ability of BSC to
increase its scale of operations and profit levels while managing
the working capital cycle effectively would be key rating
sensitivities.

Established in 1984, Bharat Supply Company (BSC) is engaged in
trading of pulses and other agro commodities. The entity
discontinued the trading of rolling and melting ferrous scrap in
the current financial year. The entity is based out of Kolkata and
caters to the domestic markets.

Recent Results
BSC reported a net profit of INR0.24 crore the back of an
operating income of INR29.83 crore during 2013-14, as against a
net profit of INR0.14 crore on the back of an operating income of
INR6.84 crore during 2012-13.


CAVIER BATHFITTINGS: CRISIL Puts B+ Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of CAVIER BATHFITTINGS LTD. (CBFL). The rating reflects
its modest scale of operations in the highly competitive industry,
and large working capital requirements. These rating weaknesses
are partially offset by the promoters' extensive experience in the
bath fitting industry.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              60         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       30         CRISIL B+/Stable

Outlook: Stable

CRISIL believes that CBFL will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if improvement in CBFL's operating
margin result in better than expected debt protection metrics or
if it registers higher than expected sales growth resulting in
better accruals and liquidity. Conversely, the outlook maybe
revised to 'Negative' if the company's financial risk profile
deteriorates further due to stretch in working capital cycle or
larger-than-expected debt-funded capital expenditure.

CBFL was incorporated in 2008, and is promoted by the Jamnagar-
based Mr. Vrundavan Ajudiya. The company manufactures bath
fittings its production facilities, in Jamnagar (Gujarat) and
sells under brand 'Cavier'.

For 2013-14(refer Financial year, April 1 to March 31), CBFL
registered a net profit of INR1.46 million on net sales of
INR161.96 million, against a net profit of INR1.07 million on net
sales of INR107.90 million.


CHINTAMANI SHARMA: CRISIL Rates INR40MM Cash Credit at 'B+'
-----------------------------------------------------------
RISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Chintamani Sharma & Sons (CSS).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit        30         CRISIL A4
   Bank Guarantee          30         CRISIL A4
   Cash Credit             40         CRISIL B+/Stable

The ratings reflect CSS's below-average financial risk profile,
marked by a modest net worth and weak interest coverage ratio, and
its modest scale of operations. These ratings weaknesses are
partially offset by the extensive of its promoters in the copper-
wire-drawing industry.

Outlook: Stable

CRISIL believes that CSS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations significantly while improving its profitability,
leading to substantial cash accruals, or in case of fresh capital
infusion by its promoters, resulting in a better capital
structure. Conversely, the outlook may be revised to 'Negative' if
CSS's financial risk profile, particularly its liquidity,
deteriorates further, most likely because of lower accruals,
substantial increase in its working capital requirements, or large
debt-funded capital expenditure.

Set up in 1983, CSS is a partnership concern of Mr. Devinder Kumar
Sharma, his brother, Mr. Yoginder Sharma, and his son, Mr. Bakul
Sharma. The firm, based in Shahdara (Delhi), manufactures copper
wires used for electrical and industrial cables.

CSS reported a net profit and net sales of INR2.5 million and
INR308.4 million, respectively, for 2013-14 (refers to financial
year, April 1 to March 31), against a net profit of INR2.0 million
on net sales of INR207.8 million for 2012-13.


EPITOME PETROCHEMICAL: CRISIL Cuts Rating on INR165.6MM Loan to C
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Epitome Petrochemical Pvt Ltd (EPPL) to 'CRISIL C' from 'CRISIL
B-/Stable' while reaffirming the rating on the company's short-
term bank facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          10          CRISIL A4 (Reaffirmed)
   Cash Credit            100          CRISIL C (Downgraded from
                                       'CRISIL B-/Stable')
   Funded Interest
   Term Loan               28.9        CRISIL C (Downgraded from
                                       'CRISIL B-/Stable')

   Letter of Credit        50          CRISIL A4 (Reaffirmed)

   Term Loan              165.6        CRISIL C (Downgraded from
                                       'CRISIL B-/Stable')

   Working Capital
   Term Loan              140.2        CRISIL C (Downgraded from
                                       'CRISIL B-/Stable')

The rating downgrade reflects weakening of EPPL's liquidity,
driven by cash losses in 2013-14 (refers to financial year, April
1 to March 31) with a sharp decline in operating income and
continued large working capital requirements. Although its
operating income is expected to improve, EPPL is likely to incur
cash losses over the near term and depend on promoters' support to
fund its incremental working capital requirements and term debt
obligations.

The ratings reflect EPPL's working-capital-intensive operations
and weak financial risk profile marked by modest net worth and
weak debt protection metrics. These rating weaknesses are
partially offset by the competitive advantage that the company
enjoys because of its plant's strategic location.

EPPL was incorporated in 2007, and started commercial production
of PET preforms in January 2009. It manufactures PET preforms for
bottlers of carbonated soft drinks. In 2011-12, EPPL undertook a
capital expenditure programme to increase capacity at its unit in
Sikkim to 6900 tonnes per annum (tpa) from 4500 tpa.


ERA INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR3.0BB Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Era
Infrastructure India Ltd (Era).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Rupee Term Loan        3,000        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by Era
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Era is yet to
provide adequate information to enable CRISIL to assess Era's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Era, a wholly-owned subsidiary of Era Infra Engineering Ltd
(EIEL), is the intermediary holding company for the build-operate-
transfer (BOT) road assets of the Era group. EIEL is the flagship
company of the group and has been engaged in engineering,
procurement and construction work for over two decades. In 2006-07
(refers to financial year, April 1 to March 31), EIEL ventured
into BOT road development when it won its first road project,
Gwalior Bypass Project Ltd. Over the years, the group has built a
portfolio of seven road projects, with total project cost of INR61
billion. In 2011-12, the company reported less-than-expected cash
accruals as the operation and maintenance and other activities
were not carried out by Era for its various road projects and
because of the increase in the interest cost on its debt.


FAIZ INDUSTRIES: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR7.00 crore fund-
based cash credit facility and INR1.45 crore fund-based term loan
facility of Faiz Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.00        [ICRA]B+; Reaffirmed
   Term loan             1.45        [ICRA]B+; Reaffirmed

The rating reaffirmation continues to factor in Faiz Industries'
(FI) moderate scale of operations with financial profile described
by thin profitability, leveraged capital structure and weak
coverage indicators. The rating is further constrained by the low
operating margins on account of limited value addition and highly
competitive and fragmented industry structure due to low entry
barriers. The rating further incorporates the susceptibility of
the cotton prices to seasonality and regulatory risks which
together with the highly competitive industry environment exerts
more pressure on the margins. ICRA also notes that Faiz Industries
is a partnership firm and any significant withdrawals from the
capital account will affect its net worth and thereby the gearing
levels.

The rating, however, favorably factors in the long experience of
the promoters in the cotton ginning and pressing industry,
location advantage resulting in easy availability of raw cotton as
well as presence in the cotton seed crushing business which
provides revenue diversification.

Faiz Industries was established in 1996 and is engaged in ginning
and pressing operations. The business is owned and managed by Mr.
Badi Ismail Mahmad and other family members. The firm's
manufacturing facility is located in Wankaner, Dist Rajkot. The
firm currently has 32 ginning machines and 1 automatic pressing
machine having a manufacturing capacity of producing 450 bales per
day. The firm is also equipped with 7 expellers having a
processing capacity of 54 TPD of cotton seeds per day.

Recent Results
For the year ended 31st March, 2014, the firm reported an
operating income of INR87.55 crore with profit after tax (PAT) of
INR0.23 crore.


FIROZABAD CERAMICS: ICRA Suspends D Rating on INR18.34cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR18.34 crore
fund based and non fund based facilities of Firozabad Ceramics
Pvt. Ltd. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


G.B. COTTON: ICRA Assigns B+ Rating to INR10cr Cash Credit
----------------------------------------------------------
A rating of [ICRA]B+ has been assigned to the INR10.00 crore long-
term, fund based facilities of G.B. Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.00        [ICRA]B+ assigned

The assigned rating takes into account GBCI's weak financial
profile characterized by low profitability levels, owing to the
limited value addition in the business and the highly competitive
and fragmented industry structure; stretched capital structure and
weak coverage indicators. The rating is also constrained by the
vulnerability of the firm's profitability to raw material prices
which are subject to seasonality, and crop harvest; and the
regulatory risks with regard to MSP fixed by GoI and restrictions
on cotton exports. ICRA also notes that GBCI is a partnership firm
and any significant withdrawals from the capital account could
affect its net worth and thereby its capital structure.

The rating, however, positively considers the established track
record of the firm in the cotton ginning industry, its reputed
clientele base and the healthy scaling up of operations in the
current fiscal. The rating also favorably considers the advantage
the firm enjoys by virtue of its location in the cotton producing
belt of Mehsana (Gujarat) providing easy access to raw material
(raw cotton).

Established in 1999, G.B. Cotton Industries (GBCI) is engaged in
the business of ginning and pressing of raw cotton into cotton
seeds and fully pressed cotton bales as well as crushing of cotton
seeds to obtain cotton seed oil and cotton oil cake. The
manufacturing facility, located in Kadi (Mehsana), is equipped
with forty ginning machines and one pressing machine with a
capacity to produce 400 cotton bales with 23 hours (considering 1
hour for cleaning) of operations. The plant is also equipped with
six expellers for cotton seed crushing having an intake capacity
of ~32.50 MTPD. The firm is promoted and managed by Mr. Rajesh
Patel along with his relatives and friends with key promoters
having an experience of more than a decade in the cotton ginning
industry.


GRAND AUTO: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Grand Auto Udyog
Private Limited (GAPL) continue to reflect the below-average
financial risk profile marked by small net worth, aggressive total
outside liabilities to tangible net worth ratio, and weak interest
coverage ratio; the rating also reflects the company's
susceptibility to intense competition in the automobile dealership
market. These rating weaknesses are partially offset by the
benefits that GAPL derives from its established position in the
automobile market and its diversified product portfolio, which
imparts stability to revenues.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           120       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GAPL will maintain a moderate business risk
profile over the medium term, backed by its established
relationship with principals, Piaggio Vehicles Pvt Ltd (Piaggio)
and Yamaha Motor India Pvt Ltd (Yamaha), and the promoters'
industry experience. The outlook may be revised to 'Positive' if
GAPL improves its profitability thereby improving its accruals and
reducing the reliance on external debt to fund the incremental
working capital requirements. Conversely, the outlook may be
revised to 'Negative' if there is a further stretch in working
capital requirements or unexpected debt-funded capital expenditure
or if the profitability declines further thereby impacting the
liquidity and financial risk profiles.

Update
GAPL registered strong revenue growth of 41 per cent in 2013-14 to
an estimated INR0.5 billion backed by healthy revenues from the
lubricants' business and from the Yamaha two wheeler sales. The
company's new Swaraj Mazda tractors' dealership also started in
December 2013, which contributed about INR15 million to revenue.
Despite the healthy revenue growth, the net cash accruals have
increased only marginally to INR4.2 million in 2013-14 compared to
INR3.5 million in the previous year, owing to the slight decline
in operating margin to 4.1 per cent from 4.4 per cent during the
same period. Margins are expected to remain around at historical
levels in the near-term. The ramp up of revenue from the Swaraj
Mazda dealership remains a key rating sensitivity factor and will
determine the business risk profile over the medium term.

The company's working capital cycle remained stable with Gross
Current Assets (GCAs) expected to have reduced marginally to 140
days as on March 31, 2014. Despite the promoters converting
unsecured loans of about INR10 million into equity in 2013-14, the
total outside liabilities to tangible net worth ratio (TOLTNW)
remained high at an estimated 4.0 times as on March 31, 2014 on
account of the working capital intensive nature of operations and
high reliance on debt to fund the incremental working capital
requirements.

The liquidity profile remained stretched marked by fully utilised
bank lines. CRISIL believes the liquidity profile will continue to
remain stretched over the medium term owing to the low operating
profitability and working capital intensive nature of operations.

GAPL, incorporated in 1986 and promoted by Mr. Nabin Kumar
Mohanty, is the sole authorised dealer of vehicles and spare parts
of Piaggio and Yamaha in Cuttack (Odisha). It also deals in
lubricants, tyres, and batteries used in automobiles. The company
is also the sole distributor of lubricants for Castrol India Ltd
and Total Fina Elf India for the six districts of coastal Odisha.

On a provisional basis, GAPL, in 2013-14 reported a net profit
(PAT) of INR2.3 million on net sales of INR0.5 billion, as against
a PAT of INR1.7 million on net sales of INR0.36 billion in 2012-
13.


GREAT WALL: CRISIL Suspends B+ Rating on INR40.8MM Bank Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Great
Wall Corporate Services Pvt Ltd (Greatwall).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Bank Guarantee           2.5          CRISIL A4
   Cash Credit             35            CRISIL B+/Stable
   Long Term Loan          24.5          CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      40.8          CRISIL B+/Stable
   Proposed Short Term
   Bank Loan Facility       2.5          CRISIL A4

The suspension of ratings is on account of non-cooperation by
Greatwall with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Greatwall is yet to provide adequate information to enable CRISIL
to assess Greatwall's ability to service its debt. The suspension
reflects CRISIL's inability to maintain a valid rating in the
absence of adequate information. CRISIL considers information
availability risk as a key credit factor in its rating process and
non-sharing of information as a first signal of possible credit
distress, as outlined in its criteria 'Information Availability
Risk in Credit Ratings'.

Greatwall, incorporated in 1994 by Captain Pratap Kadam, provides
security services, facility management services, and manpower
staffing services to corporates. The company employs 1500 workers.
Greatwall is based in Pune (Maharashtra), and has increased its
geographical presence by extending services in Bengaluru
(Karnataka), Goa, and Aurangabad (Maharashtra).


GURANDITTA MAL: ICRA Reaffirms B Rating on INR12.20cr FB Loan
-------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B for the INR15.00 crore
fund based and proposed limits of Guranditta Mal Mohan Lal.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based facilities    12.20       [ICRA]B (reaffirmed)
   Proposed (Unallocated
   Limits)                   2.80       [ICRA]B (reaffirmed)

The rating action factors in GMML's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators. The rating also takes
into account high intensity of competition in the industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions. The rating however, favorably takes
into account proximity of the mill to major rice growing area
which results in easy availability of paddy and demand prospects
of rice that is expected to remain good as rice is a staple food
grain and the position of India is world's second largest producer
and consumer of rice.

Guranditta Mal Mohan Lal (GMML) is a partnership firm, was set up
in 1978 by Mr. Roshan Lal and Mr. Adarsh Kumar. GMML is engaged in
processing and export of basmati rice to countries in the Middle
East. The plant is located at Fazilka (Punjab) which has a milling
capacity of 4 tonnes per hour and a sortex machinery with a
capacity of 4 ton/hr.

Recent Results
During the financial year 2013-14, the firm reported a profit
after tax (PAT) of INR0.15 crore on an operating income of
INR43.05 crore as against PAT of INR0.09 on an operating income of
INR23.90 crore in FY13.


HONEST REALTY: ICRA Lowers Rating on INR5cr Fund Based Loan to D
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR5.00
crore fund based bank facilities of Honest Realty to [ICRA]D from
[ICRA]B assigned to the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit      5.00        Revised to [ICRA]D
                                     from [ICRA]B

The rating revision takes into account irregularities witnessed in
debt servicing by the firm in the recent past.

Incorporated in June 2009, Honest Realty (Honest) is a Kalyan
based developer currently undertaking the construction of a
residential project at Badlapur West (Thane District). The project
name is "Indrapuri" and the entire project consists of 14 towers.
The firm is currently undertaking phase 1 of the project which
will consist of 7 towers with a total of 217 units having a total
carpet area of about 68,000 sq.ft. The total expected project cost
is about INR14.88 crore.


IMMENSE PACKAGING: ICRA Cuts Rating on INR8cr Loan to 'D'
---------------------------------------------------------
ICRA has revised the rating assigned to the INR4.25 crore term
loan, INR8 crore fund based facilities, INR3.75 cr. non-fund-based
bank facilities and INR4 crore provisional limits of Immense
Packaging Private Limited from [ICRA]B-/[ICRA]A4 to [ICRA]D.

The revised ratings take into account the stretched liquidity
position of the company and continued delays in debt servicing
following cash flow mismatches. The ratings are constrained by the
company's small scale of operations, its low net profit margins,
its modest debt protection metrics and its stretched liquidity
owing to delays in collection of receivables. The ratings also
takes into account intensely competitive business environment and
the risk associated with volatility in revenues in the tender
driven business. The ratings however, favorably factor in the
stable demand for PE film from the dairy industry, successful
track record of the promoters in the PE film packaging business
and the company's pre-qualification status with major state milk
cooperative societies.

Immense Packaging Private Limited (IPPL) was acquired in April
2007 by Mumbai based Mrs Lata Kela & her family members for
setting up polyethylene film manufacturing facilities. The
promoters have been in the flexi packaging business for the last
two decades through their group entities and have developed
relationships with several co-operative dairies based in Western,
Northern and Southern India. The company set up its production
unit at Tiruvallur, Tamil Nadu for manufacturing of multilayer
polyethylene (PE) film used in liquid milk packaging. The annual
production capacity is around 2400 TPA and it primarily caters to
the demand of Tamil Nadu (TN) based state co-operative milk
dairies.


JAI PRAKASH: ICRA Lowers Rating on INR17.30cr Cash Credit to 'D'
----------------------------------------------------------------
ICRA has revised its rating on the INR35 crore long term fund
based facilities of Jai Prakash Educational Trust Society (JPETS)
to [ICRA]D from [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-Based Limits-
   Term loans            16.49        [ICRA]D; revised from
                                      [ICRA]B+

   Fund-Based Limits-
   Cash Credit/Overdraft
   Facility              17.30        [ICRA]D; revised from
                                      [ICRA]B+

   Fund Based Limits-
   Unallocated            1.21        [ICRA]D; revised from
                                      [ICRA]B+

The rating revision factors in the stretched liquidity position of
the company, mainly on account of its modest scale of operations
and its limited reach with only two campuses, which have resulted
in delays in debt servicing. The rating continues to be
constrained by the increasing competition in the private education
sector in India and the highly regulated nature of the Indian
education industry. However, ICRA positively factors in the
presence of the society in diverse set of professional courses;
its experienced faculty profile and the overall high occupancy
levels enjoyed by the society. Going forward, a track record of
timely debt servicing and an improvement in the company's
liquidity position will be the key rating sensitivities.

Incorporated in 1993, JPETS is a registered society which is
presently running about four institutes/ colleges offering diverse
range of courses at the undergraduate as well as post graduate
level offering degrees in B.Tech, BHMCT (Bachelors in Hotel
Management & Catering Technology), B.Ed., BBA, BCA, M.Ed., MBA,
MCA and diploma courses like DHMCT (Diploma in Hotel Management &
Catering Technology), Diploma in engineering and Diploma in Modern
Office Management & Secretarial Practices (DMOM). JPETS is also
running two co-educational senior secondary schools namely, J.P.
Academy and J.P. International Academy and a junior secondary co-
educational school named J.P. Academy Colts (conducting classes
from Pre-nursery to V).


JDS FOUNDATION: CRISIL Assigns B Rating to INR122.5MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of JDS Foundation (JDS).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility     122.5          CRISIL B/Stable

   Term Loan                2.5          CRISIL B/Stable

The rating reflects JDS's small scale of operations with
geographical concentration in its revenue profile, and its
exposure to risks related to restrictions imposed by regulatory
bodies and to intense competition in the education sector. These
rating weaknesses are partially offset by the extensive experience
of JDS's trustees in the education sector through operations of an
associate trust, and the trust's moderate financial risk profile,
marked by adequate debt protection metrics and low gearing.

Outlook: Stable

CRISIL believes that JDS will continue to benefit over the medium
term from its trustees' extensive experience in the education
sector. The outlook may be revised to 'Positive' if the trust
scales up its operations substantially through increase in the
number of courses and intake capacity. Conversely, the outlook may
be revised to 'Negative' if JDS's financial risk profile is
impacted by sizeable debt-funded capital expenditure or low ramp-
up in occupancy levels.

JDS is a charitable trust set up in December 2011 to run the JDS
Private Industrial Training Institute, which specialises in
training individuals in industrial skills. The trust has been set
up and is being managed by Mr. Sajal Ghosh of Kolkata. Mr. Ghosh
is also a trustee in Pinnaccle Education Trust, whose flagship
institution is Kolkata-based Elitte Institute of Engineering &
Management, a diploma engineering and hotel management institute
that was started in 2009.


JINDAL POLY: ICRA Reaffirms B+ Rating on INR6.75cr Cash Credit
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR10.09 crore long-term fund based limits of Jindal Poly Weaves
Private Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term : Cash
   Credit                6.75         [ICRA]B+ reaffirmed

   Long-term : Term
   Loans                 3.34         [ICRA]B+ reaffirmed

The rating continues to remain constrained by the modest scale of
operations of the company, highly leveraged capital structure, and
the low profitability levels owing to limited value addition in
the business. The rating is further constrained by the
vulnerability of the profitability to any adverse fluctuations in
raw material prices and the high competitive pressures given the
fragmented nature of the industry.

The rating, however, favourably reflects the experience of the
promoters and established track record of the company for over two
decades in the textile industry, the location advantage by virtue
of the company's location in Surat (Gujarat) in proximity to
suppliers and customers alike, and the company's low customer
concentration risk with well diversified customer base.

Incorporated in 2007, JPPL is engaged in weaving of polyester grey
fabric, manufacture of texturised yarn, and trading in polyester
metalized film. As of March 2014, the company has an installed
annual production capacity of 120 lakh metres of grey fabric and
960 metric tonnes of texturised yarn. JPPL is promoted and managed
by the Jindal family, and its group companies include Jindal
Rayons Pvt. Ltd., Vikash Polyweaves Pvt. Ltd., Jindal Filaments
Pvt. Ltd., among others. All the group companies are engaged in
textile processing activities viz. texturising, fabric weaving and
trading.

For FY 2014, the company reported an operating income (OI) of
INR53.37 crore and net loss of INR0.13 crore as compared to an OI
of INR51.52 crore and Profit after Tax (PAT) of INR0.18 crore in
FY 2013. For H1 FY2015, the company has reported an OI of INR29.3
crore on a provisional basis.


KAVAN COTTON: ICRA Reaffirms B+ Rating on INR40cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed a long term rating of [ICRA]B+ to the INR40.00
crore (enhanced from INR35.00 crore) cash credit facilities of
Kavan Cotton private Limited. ICRA has also assigned long term
rating of [ICRA]B+ to INR1.50 crore term loan facility of Kavan
Cotton Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           40.00       [ICRA]B+ reaffirmed
   Term Loan              1.50       [ICRA]B+ assigned

The reaffirmation of rating factors in KCPL's weak financial
profile characterized by leveraged capital structure leading to
weak debt protection indicators and thin margins on account of
limited value addition in the business operations The rating also
incorporates susceptibility of the cotton prices to seasonality
and regulatory risks which together with the highly competitive
industry environment further exerts pressure on margins.
The rating, however, positively factors in the long experience of
the promoters in cotton industry as well as the advantages arising
from the company's proximity to the raw material sources which
ensure regular availability of cotton and strong demand for cotton
seed oil.

Kavan Cotton Private Limited was incorporated in 2008 by Mr.
Chandreshkumar Maganbhai Patel and Mr. Nileshkumar Navalbhai
Chhatrara, directors, along with 5 other shareholders. Mr.
Popatbhai R Bhalara, director along with 3 other shareholders,
have acquired the company and started to manage its operation from
1st April 2011. The present directors have more than a decade of
experience in cotton industry. Kavan Cotton Private Limited is
engaged in the business of cotton ginning, pressing and crushing
activities with 40 ginning machines, 1 pressing machine and 9
expellers for producing FP (fully pressed) bales and cottonseed
oil with an intake capacity of 42,240 MT per annum of raw cotton
and 12,720 MT per annum of cottonseeds. Apart from production, the
company is also involved in trading activities in cotton bales
cottonseeds, cottonseed oil and oil cakes.

Recent Results
For the year ended 31st March 2014,Kavan Cotton Private Limited
reported operating income of INR266.29 crore and profit after tax
of INR0.36 crore.


KVN IMPEX: CRISIL Reaffirms B+ Rating on INR17.5MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of KVN Impex Pvt Ltd
(KVNIPL; part of the KVN group) continues to reflect the KVN
group's below-average financial risk profile marked by high total
outside liabilities to total networth and the susceptibility of
the group's operating profitability to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive industry experience of the KVN group's promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           17.5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     900         CRISIL A4 (Reaffirmed)
   Proposed Letter of
   Credit               100         CRISIL A4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KVNIPL and KVN Polytech Pvt Ltd
(KVNPPL). This is because both these entities together referred to
as the KVN group, share the same management team, and have
considerable business and financial linkages with each other.

Outlook: Stable

CRISIL believes that the KVN group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group registers
significant increase in its operating revenue and earnings,
resulting in sustained improvement in its capital structure and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' in case the KVN group registers a significant decline
in its volumes or operating margin.

The KVN group, headquartered in Kozhikode (Kerala), is promoted by
Mr. M K Ramesh and Mr. M K Rajesh. It trades in polymers, mainly
high-density polyethylene, low-density polyethylene, and plastic
granules; and in chemicals such as nitric acid, sulphuric acid,
hydrochloric acid, and coke.


LAKSHMI RICE: ICRA Suspends B Rating on INR10.50cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR10.50 crore
fund based facilities of Lakshmi Rice & Dall Mills. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


LATHIYA BROTHERS: ICRA Suspends B+ rating on INR6.50cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the long term fund based working capital limits and untied limits
aggregating to INR6.50 Crore of Lathiya Brothers and Company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Promoted by Mr. Valjibhai K. Lathiya and his brothers in 1989 and
closely held by the promoter's family, Lathiya Brothers and
Company (LBC) is a partnership firm, engaged in export of cut and
polished diamonds. The firm has a processing unit in Surat and a
sales office in Mumbai.


LOCKSMITHS INDUSTRIES: ICRA Cuts Rating on INR4.25cr Loan to 'D'
----------------------------------------------------------------
ICRA has revised the long term ratings assigned to INR4.25 crore
(enhanced from INR3.75 crore) fund based limit and INR0.84 crore
(reduced from INR1.50 crore) of term loan limit of M/s Locksmiths
Industries Private Limited (LIPL) from [ICRA]B (pronounced ICRA B)
to [ICRA]D. ICRA has also revised the short term ratings assigned
to the INR2.91 crore (enhanced from INR2.75 crore) non-fund based
limit of LIPL from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund Based limit       4.25      [ICRA]D/Revised from [ICRA]B
   Term loan limit        0.84      [ICRA]D/Revised from [ICRA]B
   Non-fund based limit   2.91      [ICRA]D/Revised from [ICRA]A4

The downgrade of the assigned ratings of Locksmiths Industries
Private Limited (LIPL) reflects the ongoing irregularities in debt
servicing by the company as reflected in an instance of
devolvement of Letter of Credit (LCs) in October 2014 which has
not been regularised till date.

The company has a small size of operations with a modest turnover
of which nearly 40% is contributed by low value-additive trading
business. LIPL's Operating Income (OI) declined to INR10.01 crore
in FY14 (Prov) on account of curtailed inflow of orders in
manufacturing segment and lower off-take by the customers in
trading segment. The company is undergoing a tight liquidity
situation characterised by high indebtedness resulting from
significant levels of unsold inventory of traded goods and pending
receivables. LIPL has a stretched capital structure as reflected
in high gearing of the company of 1.85 time as of 31st March 2014.
TIPL continues to be exposed to movement in foreign exchange rates
given that nearly 70% of raw materials are purchased from overseas
market.

Nevertheless, it is noted that the company has an established
track record of over two decades of the company in manufacturing
of luggage locking systems especially in combination locks as
evidenced by repeat orders received from its diversified customer
base. Further, the company's profitability is being supported by
the commencement of manufacture of a new product segment of
locking systems following the receipt of certified license from
Travel Sentry of America (TSA). LIPL booked a healthy Operating
margin (OPBDITA/OI) of 22.3% as per the provisional figures of
FY14. Going forward, LIPL's ability to grow its revenues along
with improvement in its profitability and working capital
intensity and timeliness of debt servicing will remain the key
rating sensitivity factors.

Locksmiths Industries Private Limited (LIPL) is a Mumbai based
entity promoted by Mr. Nimesh Kishore Sheth and his family
members. LIPL commenced its business of manufacturing and
supplying of locking systems and hardware used in carry-bags,
suitcases and trolleys in 1992 as a proprietorship concern and was
converted into private limited company in 1997. Presently,
business segments of LIPL includes manufacturing/ assembling of
locking systems including combination locks used in carry-bags,
suitcases and trolleys and plastic moulded components and trading
of accessories used in office's furniture and fabrics. Presently;
LIPL has it manufacturing facility located in Dombivli and Nashik.


LRC ABARANA: ICRA Assigns B+ Rating to INR15cr Bank Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR15.00
crore fund based bank facility of LRC Abarana Maaligai.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based bank       15.00        [ICRA]B+ assigned
   facility

The assigned rating considers the more than five decades of
presence of the Entity in Attur, Tamil Nadu, and the favorable
long term outlook for the industry backed by consumer's strong
cultural affinity towards gold jewellery. The rating also factors
in the opening of new larger format showroom by the entity, which
will increase the operating income going forward. However, LRC
remains relatively small in an industry characterized by intense
competition owing to presence of larger national and regional
players. This small scale of operations makes LRC's revenues
vulnerable to fluctuations in business volumes and consumer
footfalls due to increased competition in the locality.
LRC's financial profile is characterized by nominal profit, cash
accruals and weak capitalization and coverage indicators. The
opening of the larger showroom in March-2014 has also necessitated
high inventory holding, funding of the inventory, predominantly
through debt, has also adversely affected the capitalization and
coverage indicators as on March 31, 2014. Going forward, LRC's
financial profile is expected to improve on the back of increased
revenues and accruals from the new store. Further, higher
inventory levels inherent to the industry also exposes the
Entity's operating margins to price risk, where a sharp decline in
gold price is likely to adversely affect the margins.

Established in 1958, LRC is a Hindu Undivided Family (HUF) Entity,
engaged retailing of gold, silver, and diamond jewellery in Attur,
Salem (District), Tamilnadu. The entity has two showrooms, the
older one located at Bazaar Street of Attur with a 288 square feet
showroom space and the newer one (opened in March-2014) located
opposite to Attur bus stand with a showroom space of 5940 square
feet. Mr. Ravisankar the current proprietor of LRC handles the day
to day operations of the Entity.

Recent results
LRC reported a net profit of INR0.3 crore on an operating income
of INR10.0 crore during 2013-14, against a net profit of INR0.3
crore on an operating income of INR4.2 crore during 2012-13.


LUTHFA FOUNDATION: CRISIL Assigns B Rating to INR85.4MM Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Luthfa Foundation (LF).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               9.6         CRISIL B/Stable

   Proposed Long Term     85.4         CRISIL B/Stable
   Bank Loan Facility

   Proposed Term Loan     30           CRISIL B/Stable

The rating reflects LF's small scale of operations with
geographical concentration in its revenue profile, and its
exposure to risks related to restrictions imposed by regulatory
bodies and to intense competition in the education sector. These
rating weaknesses are partially offset by the extensive experience
of LF's trustees in the education sector through operations of an
associate trust, and its moderate financial risk profile, marked
by adequate debt protection metrics and low gearing.

Outlook: Stable

CRISIL believes that LF will continue to benefit over the medium
term from its trustees' extensive experience in the education
sector. The outlook may be revised to 'Positive' if the trust
scales up its operations substantially through increase in the
number of courses and intake capacity. Conversely, the outlook may
be revised to 'Negative' if LF's financial risk profile is
impacted by sizeable debt-funded capital expenditure, or lower-
than-expected ramp-up in occupancy levels.

LF is a charitable trust set up in 2010. It presently runs Luthfa
Private Industrial Training Institute, a National Council for
Vocational Training (NCVT) affiliated ITI. LF has been established
under the chairmanship of Dr. Bazlul Haque of Kolkata. The trust
proposes to set up a polytechnic institute, the construction work
for which is currently being undertaken. The institute, Luthfa
Polytechnic Institute, at Durgapur (West Bengal), is to begin
operations from the academic year 2015-16, after getting approval
from All India Council for Technical Education, New Delhi. LF also
plans to set up another ITI and an undergraduate pharmacy college
at its site at Mouja in Kolkata.


MAKKAR TEXTILE: CRISIL Ups Rating on INR58.1MM Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Makkar Textile (MT) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              35         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Proposed Long Term       18.9       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B/Stable')

   Term Loan                58.1       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects the expected improvement in MT's
revenue and accruals on the back of completion of its major
capacity expansion. The firm is likely to report a 40 per cent
year-on-year growth in revenue in 2014-15 (refers to financial
year, April 1 to March 31) to INR240 million on the back of
capacity expansion in 2013-14. The revenue growth, along with
expected operating margin of 11 per cent, is likely to result in
improvement in MT's accruals to nearly INR12.0 million in 2014-15
from INR8.5 million in 2013-14; the accruals will be sufficient to
meet its term loan obligations during the year. MT's liquidity is
buoyed by funding support from its proprietor, marked by equity
infusion of nearly INR10 million in 2013-14 and additional equity
infusion of INR10 million in 2014-15; furthermore, the promoter's
family extended additional unsecured loans of INR10 million to the
firm in 2014-15. The firm completed its major capital expenditure
(capex) program and has no significant capex plan for the medium
term.

The rating continues to reflect MT's weak financial risk profile,
marked by a small net worth, high gearing, weak debt protection
metrics, and weak liquidity on account of its recent large debt-
funded capex and its significant working capital requirements. The
rating also factors in the firm's small scale of operations and
its susceptibility to volatility in raw material prices. These
rating weaknesses are partially offset by the established track
record of MT's promoter in the shawl manufacturing industry.

Outlook: Stable

CRISIL believes that MT will continue to benefit from the increase
in its revenue over the medium term on the back of its new
manufacturing capacities. The outlook may be revised to 'Positive'
in case of significant improvement in the firm's scale of
operations leading to substantial net cash accruals. Conversely,
the outlook may be revised to 'Negative' if MT's operating margin
declines or if the firm undertakes a large debt-funded capex
programme.

MT manufactures shawls from acrylic, viscose, and polyester yarn.
Set up in 1989, the firm currently has capacity of 10,000 pieces
per day at its unit in Ludhiana (Punjab).

MT reported a profit before tax (PBT) of INR6.4 million on net
sales of INR169.5 million for 2013-14, as against a PBT of INR5.2
million on net sales of INR142.3 million for 2012-13.


NATVAR COTEX: ICRA Reaffirms 'B' Rating on INR6cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR7.54
crore long term facilities of Natvar Cotex Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]B reaffirmed
   Term Loans            1.54        [ICRA]B reaffirmed

Rating Rationale

The rating reaffirmation continues to take into account the small
scale and limited track record of the company with operations
commencing from December 2013. The rating is further constrained
by weak financial profile characterized by thin margins and highly
leveraged capital structure on account of primarily debt funded
nature of the project resulting in modest debt coverage
indicators. The ratings continue to factor in the vulnerability of
profitability to adverse movements in raw cotton prices which are
subject to seasonality and crop harvest and regulatory risk with
regard to MSP, low bargaining power given the limited value
addition and highly competitive & fragmented industry structure
due to low entry barriers.

The rating, however, favorably factors in the longstanding
experience of the promoters in the cotton trading industry through
other associate concerns and the favorable location of the company
in Rajkot, Gujarat providing easy access to raw material (raw
cotton).

Incorporated in June 2013, Natvar Cotex Pvt. Ltd. (NCPL) has set
up cotton ginning and pressing facility at Rajkot in Gujarat and
commenced commercial operations from December 2013. The plant is
equipped with thirty ginning machines and one pressing machine
with a capacity to produce 300 cotton bales with 24 hours of
operations. The company is promoted and managed by Mr. Ashok
Vadgashiya and Mr. Harshad Vadgashiya along with other relatives
and friends.

Recent Results
During FY 2014 (4M), the company reported an operating income of
INR16.32 crore and profit after tax of INR0.05 crore. Further,
during the first eight months of FY 2015, the company reported an
operating income of INR27.83 crore and profit before depreciation
and tax of INR0.52 crore (as per provisional unaudited
financials).


NETRA MERCANTILE: ICRA Revises Rating on INR40cr Non FB Loan to D
-----------------------------------------------------------------
ICRA has revised downward the short term rating to the INR40.00
crore non fund based limits of Netra Mercantile Private Limited to
[ICRA]D from [ICRA]A4+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Short term-Non        40.00        Revised to [ICRA]D
   Fund Based Limits                  from [ICRA]A4+

The rating revision of Netra Mercantile Private Limited primarily
incorporates instances of Letter of Credit (LC) devolvement on
account of stressed liquidity profile due to insufficient funding
available in the form of external debt. The rating is further
constrained by NMPL's thin profitability on account of the trading
nature of business and highly competitive business environment
with the presence of a large number of players given the low entry
barriers and weak coverage indicators. The rating also factors in
the concentration risks arising from the company's high dependence
on a few suppliers and customers and the susceptibility of
operations to cyclicality inherent in the steel industry, which is
likely to keep the profitability and cash flows of the company
volatile.

The rating, however, considers the experience of the promoters in
the steel trading business and presence of the group in steel
related business. ICRA notes that since a major portion of the
sales is order backed, susceptibility to volatility in the prices
of products traded remains limited.

Incorporated in 2001, Netra Mercantile Private Limited is promoted
by Mr. Vijendra Vijayraj Ranka and Mr. Shivratan Luharka. The
management has changed over the years and at present Mr. Vijendra
Vijayraj Ranka and Mr. Narendra Ratnakant Phatkare are directors
in the company while the former looks after the overall operations
of the company. Deep Star Alloys & Steels Pvt. Ltd. currently
holds 78.95% of the total issued shares of NMPL and is promoted by
Topworth Group of Companies. The company is engaged in the trading
of steel products which includes Hot Rolled (HR) and Cold Rolled
(CR) coils & sheets, galvanized plain as well as galvanized
corrugated sheets/coils, Mild Steel (MS) sheets and plates, HMS
scrap. The company has a rented warehouse at Taloja with a 30,000
MT storage capacity.

Recent Results
In FY14, the company reported a net profit of INR1.20 crore on an
operating income of INR685.21 crore. In the first 6 months of FY15
(April 2014 to September 2014) the company has reported an
operating income (provisional) of INR278.18 crore.


PERMANENT MAGNETS: ICRA Reaffirms 'D' Rating on INR15.40cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA] D rating assigned to the INR0.40
crore Term Loan facility, and for the INR15.00 crore (enhanced
from INR14.00 crore) long-term, fund-based limits of Permanent
Magnets Limited. ICRA has also reaffirmed the short-term rating of
[ICRA] D for the INR15.40 crore (reduced from INR18.50 crore)
short-term non-fund based facilities and INR11.70 crore
unallocated limits of the company.  The rating reaffirmation
reflects delays in debt servicing by the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              0.40       [ICRA]D reaffirmed

   Long-term fund-
   based facilities      15.00       [ICRA]D reaffirmed

   Short-term non        15.40       [ICRA]D reaffirmed
   fund-based
   facilities

   Unallocated Long/     11.70       [ICRA]D reaffirmed
   short term facilities

PML's financial profile is characterized by stretched liquidity
and low profitability. The company's scale of operations remains
modest, with fairly stagnant revenues in the past few years due to
the contraction of demand for Alnico Magnets in the electro-
mechanical meters used by the utilities.

The above concerns are partially offset by the long standing
experience of the promoters spanning over five decades; PML's
strong market position with nearly 25% of the domestic market
share for AlNiCo Magnets and better demand conditions for new
products like copper shunts and hi-perm magnets.

Permanent Magnets Limited (PML), incorporated in year 1960 by Mr.
Kantilal Morarji Desai, was later sold off to Mr. Taparia in year
1963 and since then has been the flagship company of the Taparia
Group having interests in sectors as diverse as health care,
Contraceptives, audio components, plantations etc. The company
started its operations in Borivali with the manufacturing of
Alnico (Aluminium, Nickel and Cobalt) magnets and has slowly
graduated to manufacture technically competent Hi Permeability
Magnets. Presently the company claims to have nearly 70% of market
share of the AlNiCo magnets. PML has recently relocated its
operations to Mira road a place very close to the earlier
facility.

Recent Results
For the twelve months ending March 31, 2014, PML reported a net
loss of INR0.71 crore on an operating income of INR54.75 crore, as
against a net loss of INR2.56 crore on an operating income of
INR48.57 crore for the twelve months ending March 31, 2013.


RISHIKA COTTONS: CRISIL Assigns B+ Rating to INR150MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Rishika Cottons Pvt. Ltd. (RCPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit             150           CRISIL B+/Stable

The rating reflects RCPL's working capital intensive nature of
operations and weak financial risk profile marked by high gearing
and weak debt protection metrics. The rating also reflects RCPL's
moderate scale of operations in an intensely competitive garment
industry. These rating weaknesses are partially offset by the
promoters' extensive experience in the garment manufacturing
segment, and established relationship with major customers and
suppliers.

Outlook: Stable

CRISIL believes that RCPL will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if RCPL records a sustainable
increase in scale of operations and profitability coupled with
improvement in working capital cycle, leading to improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if there is stretch in its working capital cycle or
in case of higher-than-expected debt funded capital expenditure
leading to deterioration in its financial risk profile.

Incorporated in 2008 and based in Hyderabad, RCPL manufactures
cotton sarees and dress materials. The company is promoted by Mr.
Ajay Agarwal and his brother Mr. Vijay Agarwal.

For 2013-14 (refers to the financial year April 1 to March 31),
RCPL reported a profit after tax (PAT) of INR8.5 million on a net
sales of INR641.5 million against a PAT of INR4.8 million on a net
sales of INR534 million for 2012-13.


SABARI TEXTILES: CRISIL Suspends D Rating on INR160MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sabari
Textiles Pvt Ltd (STPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Bank Guarantee           7            CRISIL D
   Cash Credit             38.3          CRISIL D
   Proposed Long Term
   Bank Loan Facility      59.5          CRISIL D
   Term Loan              160            CRISIL D

The suspension of ratings is on account of non-cooperation by STPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, STPL is yet to
provide adequate information to enable CRISIL to assess STPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

STPL, incorporated in November 2006, is located in Coimbatore
(Tamil Nadu). The company manufactures blended yarn at its unit,
gets weaving done through jobwork, and then sells the grey fabric
in the domestic market. STPL derives around 90 per cent of its
revenues from sale of fabrics and the rest from blended yarn.


SHREE BALAJI: CRISIL Cuts Rating on INR50MM Cash Credit to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shree
Balaji Industries. (SBI) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          3.5         CRISIL D (Downgraded
                                       from 'CRISIL B/Stable')

   Cash Credit            50           CRISIL D (Downgraded
                                       from 'CRISIL B/Stable')

   Long Term Loan          5.1         CRISIL D (Downgraded
                                       from 'CRISIL B/Stable')


The rating downgrade reflects default in servicing of debt
obligation by the company.

Established in 2008 as a partnership concern, SBI manufactures
distribution transformers. The firm is engaged in manufacturing of
transformers ranging from 6.3 KVA to 1000 KVA at its manufacturing
facilities located at Baddi (HP). The entire business is tender
based and the firm primarily caters to the orders floated by the
state power utilities of Punjab, Rajasthan, Madhya Pradesh and
Uttar Pradesh. The firm is promoted by Mr. Praveen Bansal and Mr.
Shankar Bansal.


SHIPRA AGRICHEM: CRISIL Assigns 'D' Rating to INR80MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Shipra Agrichem Pvt Ltd (SAPL). The ratings reflect
instances of delay by SAPL in servicing its debt because of its
stretched liquidity, driven by its working-capital-intensive
operations.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               32          CRISIL D
   Cash Credit             80          CRISIL D
   Letter of Credit        13          CRISIL D

SAPL is also exposed to risks associated with offtake and pricing
of its product, sebacic acid. However, the company benefits from
the proximity of its manufacturing facilities to raw material
sources.

SAPL is a Vododara (Gujarat)-based company incorporated in 2008.
It manufactures castor oil derivatives such as sebacic acid, 2-
octanol, glycerine, sodium sulphate, and fatty acid. Its daily
operations are managed by Mr. Pradeep B Nair.


SOLID STATE: CRISIL Suspends D Rating on INR85MM Rupee Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the term loan facility of Solid
State Systems Pvt Ltd (SSPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Purchase-          20         CRISIL D (Notice of
   Discounting Facility               Withdrawal)

   Cash Credit             15         CRISIL D (Notice of
                                      Withdrawal)

   Letter of Credit        25         CRISIL D (Notice of
                                      Withdrawal)

   Packing Credit           10        CRISIL D (Notice of
                                      Withdrawal)

   Proposed Long Term       45        CRISIL D (Notice of
   Bank Loan Facility                 Withdrawal)

   Rupee Term Loan          85        CRISIL D Suspended

The suspension is on account of non-cooperation by SSPL with
CRISIL's efforts to undertake a review of the rating. Despite
repeated requests by CRISIL, SSPL is yet to provide adequate
information to enable CRISIL to assess the company's ability to
service its debt. The suspension reflects CRISIL's inability to
maintain a valid rating in the absence of adequate information.
CRISIL considers information availability risk as a key credit
factor in its rating process and non-sharing of information as a
first signal of possible credit distress as outlined in its
criteria 'Information Availability Risk in Credit Ratings'.

CRISIL has withdrawn its ratings on the bank guarantee, cash
credit, letter of credit, and line of credit facilities of SSPL
following the expiry of the 60-day notice period. The rating
action is in line with CRISIL's policy on withdrawal of its
ratings on bank loan facilities.

SSSPL was established by Mr. Jawad Basith and Mrs. Iqbal Basith in
1972. The company initially manufactured metalised paper and
polyester direct current capacitors for its sole customer, Indian
Telephone Industries Ltd. Later, SSSPL began producing alternating
current capacitors for household appliances, such as pumps,
washing machines, and air conditioners. It began exporting
capacitors in 1995.


SPRING MERCHANDISERS: ICRA Cuts Rating on INR7.5cr Loan to 'D'
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR5.00
crore fund based facility of Spring Merchandisers Private Limited
from [ICRA]B to [ICRA]D. ICRA has also revised the short term
rating assigned to the INR7.50 crore fund based and non-fund based
facility from [ICRA]A4 to [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-       5.00       Downgraded to [ICRA]D
   Cash Credit                         from ICRA]B; Suspended

   Non Fund Based           7.50       Downgraded to [ICRA]D
   Limits-ILC/FLC/                     from [ICRA]A4; Suspended
   Buyer's Credit

The total utilization of fund based and non fund based limits
should not exceed INR12.00 crore at any point of usage. The rating
revision factors in the delays in debt servicing by the company.

Further, ICRA has suspended the ratings assigned to the above
mentioned bank facilities of SMPL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SRI GANESH: CRISIL Suspends D Rating on INR150MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Ganesh Forwarders Pvt Ltd (SGFPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             150          CRISIL D
   Letter Of Guarantee      45          CRISIL D
   Term Loan                35          CRISIL D

The suspension of ratings is on account of non-cooperation by
SGFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SGFPL is yet to
provide adequate information to enable CRISIL to assess SGFPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

SGFPL was incorporated in 1995 as a customs house agent at
Hyderabad. The company is promoted by Mr. M V Vinay, Mr. M V
Vijay, Mrs. Anuraddha Vinay, and Mrs. Sri Pallavi. It primarily
provides services under three divisions: container transportation,
custom house clearing, and consultancy. Container transportation
is the flagship business of SGFPL, where it undertakes handling
and transportation of containerised cargo from port terminals to
container freight stations. The company has its registered office
at Hyderabad and corporate office at Nagpur (Maharashtra).


SRI VENKATA: ICRA Suspends B+/A4 Rating on INR8cr Bank Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 rating assigned to INR8.00
crore bank facilities of Sri Venkata Sai Boiled & Raw Rice Mill.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.


SUTECH INDUSTRIES: ICRA Suspends B+ Rating on INR9cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR9 crore fund
based limits of Sutech Industries Pvt. Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company".

Sutech Industries Pvt. Ltd. (SIPL) got incorporated on 15th April,
1999 by Mr. Sukhdev Singh. SIPL is relatively small sized MS ingot
and casting manufacturer based out of Ghaziabad supplying
predominantly to various local rolling mills and machine
manufacturers. The company presently has two furnaces of 6.5 tonne
capacity each. The main raw materials for the company comprise MS
scrap, Pig iron and Sponge iron which are procured either from
local suppliers or from suppliers based out of Orissa and Kolkata.


SWASHTHIK CAPS: CRISIL Suspends B+ Rating on INR41.6MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Swashthik Caps Pvt Ltd (SCPL; part of the Swashthik group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             30          CRISIL B+/Stable
   Long Term Loan          41.6        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCPL is yet to
provide adequate information to enable CRISIL to assess SCPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SCPL with those of Swashthik Preforms
Pvt Ltd (SPPL) and Swashthik Industriees (SI). This is because all
the three entities, together referred to as the Swashthik group,
are in same line of business, share a common management, and have
operational linkages.

The Swashthik group comprises SPPL, SCPL and SI. All three
entities are based in Puducherry and are in the packaging
industry.


TATA STEEL: Moody's Upgrades Corporate Family Rating to Ba1
-----------------------------------------------------------
Moody's Investors Service, has upgraded Tata Steel Limited
("TSL")'s corporate family rating to Ba1 with a stable outlook.
Moody's has also confirmed Tata Steel UK Holdings Limited
("TSUKH")'s corporate family rating and probability of default
rating at B2/B2-PD with a positive outlook. This concludes the
rating review announced on 28 July 2014 in response to the Group's
$6.9 billion refinancing exercise and which was extended on 18
September when a rating uplift of one notch, to reflect Tata Group
support, was assigned to several Tata entities, including Tata
Steel. Ratings with respect to TSUKH's Senior Facilities Agreement
dated September 2010 have been withdrawn as a result of the
refinancing.

Ratings Rationale

The upgrade of Tata Steel's rating reflects the group-wide
refinancing and the improved liquidity which will support further
growth of its highly profitable Indian operations. At the same
time, the pressure to support TSUKH's working capital has abated
in the wake of the refinancing of its senior facility agreement
while better and sustained margins have led to reduced losses at
TSUKH.

TSUKH's new term loans eliminate refinancing risk for at least
five years and enjoy no financial maintenance covenants but with
the cap on annual capital expenditure remaining .

Although the European market still suffers from overcapacity and a
weak price environment, TSUKH's restructuring measures and focused
capex have kept it cost competitive and enabled it to benefit from
the slight pick-up in European demand.

"The positive outlook on TSUKH's rating depends on further
improvements in profitability, and the disposal of the long
products segment, currently under discussion, would certainly
reduce losses in the UK operations", says Alan Greene, a Moody's
Vice President - Senior Credit Officer.

"At the same time, TSL's Ba1 rating also reflects Moody's
expectations of less drag from TSUKH. Upward pressure on TSL's
rating would require a successful execution of its growth plan in
India, such that the majority of the Group's steel is poured in
India, while maintaining its strong profitability", says Greene,
who is the Lead Analyst for Tata Steel.

The profitability of the Indian business remains one of the
highest in the industry. This will be supplemented by the start of
a new 3 million ton per annum (mtpa) plant in Odisha, later in
2015. In the year ended 31 March 2014 (FY2014), TSL's operations
in India represented 32% of group volumes while generating 81% of
the group's EBITDA.

In 2014, the Indian market has come under increasing price
pressure with domestic steelmaking capacity expanding more rapidly
than the growth in demand, and with increasing imports of cheap
steel. While smaller domestic steelmakers have come under
pressure, Tata Steel, as one of the three largest steel producers
in India, has been able to maintain high plant utilisation and
some price premium.

"With the pro-investments measures announced in the budget
presented by the new government, the steel market imbalances
created last year by slow demand growth and large capacity
expansion should see a gradual improvement", says Greene.

However, the raw material supply situation has been a growing
concern ever since the iron ore mining ban in Karnataka in 2011.
Although the mining restrictions imposed there or indeed those in
Goa did not impact Tata Steel, in 2014 the company's captive mines
in Odisha and Jharkhand were the subject of brief closures. This
led Tata Steel to issue a profits warning for Q3 FY15. Similarly,
the coal sector was impacted in 2014 by the cancellation of
previously allocated coal blocks in 2014 -- although Tata's long-
established mines were not affected.

Tata Steel's captive raw materials in India are the key factor
behind its superior margins, and while Moody's expect its existing
units and expansion plans to continue to benefit from raw material
linkages, uncertainty in the supply of domestic coal and ore could
affect longer-term investment plans and profitability.

Tata Steel reported a 29% increase in EBITDA to INR164 billion in
FY2014 and an increase in reported gross debt to INR787 billion,
as at 31 March 2014, from INR661 billion in FY2013. The
consolidated adjusted debt/EBITDA was 5.2x for FY2014, compared to
5.6x for FY2013. Moody's expect debt/EBITDA to remain around 5x in
FY2015.

The rating outlook for the group is stable reflecting the good
prospects in India and broadly maintained production and profits
in Europe together with and the improved funding structure of the
group following the US dollar notes issue, the new facilities in
Europe and the INR225 billion project finance facility directly
available to the parent. Moody's expect credit metrics to remain
elevated for the rating in the near-term because the cash
generated from the highly profitable Indian operations is
insufficient to outweigh the impact of rising debt levels from the
continuing capex in India and losses from the UK operations.

Upward pressure on TSL is limited at this time and would only
materialize once the Odisha expansion has been successfully
executed and general rebalancing of the group towards India occurs
over the next 2-3 years, while preserving TSL India's
profitability close to current levels. Moody's expect that TSL
will maintain comfortable headroom under its financial covenants
at both TSL and TSUKH. Credit metrics that would support an
upgrade of TSL include adjusted debt/EBITDA improving towards 3.5x
and EBIT interest coverage of over 3.0x on a sustained basis.

Downward pressure for TSL's rating could result from pressure on
the captive raw material business model in India or a slower than
expected pick up in India's economy leading to increased pressure
on prices and margins, and weaker cash generation. Credit metrics
that would indicate a downgrade include debt/EBITDA over 5.0x or
EBIT interest cover falling below 2.0x to 2.5x on a sustained
basis.

Given the nature of the European steel market, upward pressure on
TSUKH's rating is most likely to result from the sale of the long
products division and the erasing of the negative EBITDA impact of
its UK facilities on TSUKH's credit metrics. With or without the
disposal, credit metrics that would support an upgrade include
debt/EBITDA less than 6x and EBIT interest cover greater than 1.0x
on a sustained basis.

Negative pressure on TSUKH's rating is unlikely to materialize in
the next twelve months. The rating incorporates two notches of
support from the parent but could be considered for a downgrade if
adjusted EBITDA moves back to barely positive, or if a revised
level of support from TSL is apparent.

The principal methodology used in this rating was the Global Steel
Industry Methodology published in October 2012. Other
methodologies used include Loss Given Default for Speculative
Grade Issuers in the US, Canada, and EMEA, published June 2009.

Tata Steel Limited ("Tata Steel") is an integrated steel company
headquartered in Mumbai, India. Following the acquisition of Corus
plc (now Tata Steel UK Holdings, or "TSUKH"), Tata Steel has
operations in 24 countries and is the eleventh largest steelmaker
in the world based on its crude steel output of 25.3 million
tonnes in 2013.

Current production capacity at Jamshedpur, its sole crude
steelmaking operation in India, is some 9.8 mtpa. Additional hot
metal operations are located in Singapore and Thailand giving some
2mtpa of crude steel and in FY2014, TSUKH produced 8.5mt of crude
steel in the UK and 7.0mt in the Netherlands.


THRIIVE CARS: CRISIL Reaffirms B+ Rating on INR40MM Funding Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Thriive Cars
(Thriive) continue to reflect Thriive's below-average financial
risk profile marked by high indebtedness (total outside
liabilities to tangible net worth) ratio, and the firm's exposure
to intense competition in the automobile dealership business.
These rating weaknesses are partially offset by Thriive's
established position in the automobile dealership market for
General Motors India Pvt Ltd (GM) in Tamil Nadu.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            22.6      CRISIL B+/Stable (Reaffirmed)

   Inventory Funding
   Facility               40        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      8.4      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Thriive will continue to benefit over the
medium term from its established position in the automobile
dealership market for GM in Tamil Nadu. The outlook may be revised
to 'Positive' if Thriive increases its sales volumes and operating
profitability significantly, or if the firm's capital structure
and debt protection metrics improve substantially. Conversely, the
outlook may be revised to 'Negative' if a slowdown in the
automobile industry adversely affects Thriive's revenue and
profitability, or if the firm undertakes any large debt-funded
capital expenditure programme, thereby weakening its capital
structure.

Thriive, set up in 2006, is an authorised dealer of GM's passenger
vehicles in Tamil Nadu.


TINNA RUBBER: ICRA Ups Rating on INR26cr LT Loan to 'BB-'
---------------------------------------------------------
ICRA has revised its rating on the INR14 crore term loan and INR12
crore cash credit facility of Tinna Rubber & Infrastructure
Limited (TRIL) to [ICRA]BB- from [ICRA]D. The outlook on the long
term rating is 'Stable'. ICRA has also revised its rating on the
INR12 crore short-term non-fund based limit of TRIL to [ICRA]A4
from [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Fund        26.0        [ICRA]BB- (Stable); (Revised
   Based Facilities                  from [ICRA]D)

   Short-term Non        12.0        [ICRA]A4; (Revised from
   fund Based                        [ICRA]D)
   Facilities

The ratings revision factors in TRIL's satisfactory debt servicing
record for the past three months. The rating continues to
favourably factor in the extensive experience of TRIL's promoters
in the rubber derived products business and the presence of the
company across the value chain, which, along with improvement in
margins, has also reduced TRIL's dependence on the performance of
the infrastructure sector (Road segment). The rating, however,
continues to be constrained by the working capital intensive
nature of operations which keeps the liquidity position modest.

Going forward, a track record of timely debt servicing and a
sustained improvement in the company's liquidity position will be
the key rating sensitivities.

TRIL (Earlier know as Tinna Overseas Ltd) formed in 1984, is in
the business of bituminous products, specializing in bitumen
modifiers of various types such as crumb rubber and polymer
modified bitumen and bitumen emulsions. It has manufacturing
facilities at Panipat, Haldia, Chennai and Wada. As a backward
integration measure, the company has started manufacturing crumb
rubber, which has resulted in improvement in margins from 2013-14
onwards, and has been accompanied by a diversification of its
client base. The company is listed on the Bombay Stock Exchange.
The Tinna Group comprises four other companies along with TRIL
wholly owned subsidiary Tinna Trade Pvt Ltd. (earlier known as
Tinna Viterra Trade Pvt. Ltd) and three associate companies viz.
BGK Infrastructure Developers Pvt. Ltd, BGNS Infratech Pvt. Ltd.
and TP Buildtech Pvt. Ltd.


VICHITRA PRESTRESSED: ICRA Cuts Rating on INR15cr Loan to 'D'
-------------------------------------------------------------
ICRA has downgraded the rating for INR20.0 crore of bank
facilities of Vichitra Prestressed Concrete Udyog Private Limited
(VPC) to [ICRA]D/[ICRA]D from [ICRA]B+/[ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                 5.0         Downgraded from [ICRA]B+
                                      to [ICRA]D

   Non Fund Based-
   Bank Guarantee        15.0         Downgraded from [ICRA]A4
                                      to [ICRA]D

The assigned rating reflects recent delays in debt servicing by
VPC. The ratings are further constrained by the high working
capital intensity of the company on account of high inventory and
receivable days, limited financial flexibility on account of fully
utilized working capital limits and vulnerability of margins to
fluctuations in raw material prices. The ratings are also
constrained on account of exposure to sectoral and geographical
risks emanating from VPC's pending order book, which is highly
concentrated towards the state of Rajasthan and water segment
(laying of pipes). Further, VPC's high dependence on government
entities for orders exposes the company to risks arising out of
budgetary allocation and spending of such government entities.
However, the ratings positively take into account the long track
record of promoters in the civil construction industry. The
ratings are also supported by the healthy gearing and adequate
coverage indicators. Going forward, VPC's ability to timely
service its interest and principal payments would be the key
rating sensitivity.

Based in Delhi, VPC was incorporated on 27th March 1989 and is
closely held by the promoters. VPC undertakes contracts for
manufacture and laying of water and sewerage lines for various
government agencies like Haryana Urban Development Authority
(HUDA), U.P. Jal Nigam, Rajasthan Urban Sector Development
Investment Program, etc. VPC manufactures prestressed concrete
pipes, MS Pipes and RCC Pipes. The total capacity of the
manufacturing facility is 120,000 meters per annum.


WINDSON CERAMIC: ICRA Reaffirms B Rating on INR3cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR3.00
crore cash credit facility and INR3.50 crore (reduced from INR4.90
crore) term loan facility of Windson Ceramic. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 to the INR1.00 crore
bank guarantee facility of WC.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           3.00         [ICRA]B reaffirmed
   Term Loan             3.50         [ICRA]B reaffirmed
   Bank Guarantee        1.00         [ICRA]A4 reaffirmed

Rating Rationale

The reaffirmation of the ratings continues to factor in WC's
relatively small scale of operations with limited track record and
weak financial profile resulting from losses in the first year of
operations, leveraged capital structure and weak debt protection
metrics. The ratings are further constrained by the vulnerability
of the firm's profitability to the cyclicality inherent in the
real estate industry, which is the main consuming sector; and to
the adverse fluctuations in prices of raw materials and natural
gas, which is the major fuel. The ratings also take into account
the highly competitive domestic ceramic industry with presence of
large established organized tile manufacturers as well as
unorganized players in Morbi (Gujarat) resulting in limited
pricing flexibility. ICRA also notes that as WC is a partnership
firm, any significant withdrawals from the capital account by the
partners would affect its net worth and thereby its capital
structure; this remains a key rating sensitivity.

The assigned ratings, however, favourably factor in the long
standing experience of the firm's promoters in the ceramic
industry and locational advantage due to presence of the firm's
plant near Morbi, India's ceramic hub, giving it easy access to
raw material.

Incorporated in March 2013, Windson Ceramic (WC) is engaged in
manufacturing of ceramic wall tiles at its production facility
located at Morbi, Gujarat. The firm commenced commercial
operations from October 27, 2013 and currently manufactures
digitally printed ceramic wall tiles of one size 8" X 12" with
total installed capacity of ~5,000 boxes per day. The firm is
promoted by ten partners who have experience in ceramic industry
by way of their association with other related companies.

Recent Results
During FY 2014, WC reported an operating income of INR3.85 crore
and net loss of INR0.67 crore.



=================
I N D O N E S I A
=================


INDONESIA: S&P Assigns 'BB+' Rating to Benchmark-Size US$ Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to benchmark-size U.S.-dollar-denominated global
notes that the Republic of Indonesia (BB+/Stable/B; axBBB+/axA-2)
proposes to issue as part of its US$30 billion global medium-term
notes program.  The notes will constitute the direct,
unconditional, unsubordinated, and unsecured obligations of
Indonesia.

The sovereign credit ratings on Indonesia reflect the economy's
low per capita income, developing structural and institutional
foundations, weak policy environment, and rising external
leverage.  These rating constraints are weighed against the
country's well-entrenched cautious fiscal management, modest
general government debt and interest burden, and moderately strong
economic growth.

The government's recent moves to lift regulated domestic fuel
prices have moderated risks to the fiscal and external credit
metrics in the event of a sharp rebound in international oil
prices.

The stable outlook on the sovereign credit rating reflects S&P's
view that Indonesia's moderately weak governance and effectiveness
of government policies, low GDP per capita, and external
vulnerability are generally balanced against a conservative fiscal
policy, favorable debt trajectory, and the country's moderately
strong growth prospects.


TOWER BERSAMA: Fitch Affirms BB Long-Term Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed PT Tower Bersama Infrastructure Tbk's
(TBI) Long-Term Issuer Default Ratings (IDR) at 'BB'. At the same
time, Fitch Ratings Indonesia has affirmed the National Long-Term
Rating at 'AA-(idn)'. The Outlooks for the ratings are Stable.
A full list of rating actions is at the end of this commentary.

'AA' National Ratings denote expectations of very low default risk
relative to other issuers or obligations in the same country. The
default risk inherent differs only slightly from that of the
country's highest rated issuers or obligations.

KEY RATING DRIVERS

Low Ratings Headroom: The affirmation of the ratings assumes that
the company's FFO-adjusted net leverage will reduce to around 4x
by the end of 2015 and below that in the following year. If these
targets are not met, we are likely to take a negative rating
action.

Margin Dilution, Solid Liquidity: TBI's EBITDA margin will decline
to around 74%-75% from 82% in 2014. Margin erosion will happen due
to consolidation of PT Dayamitra Telekomunikasi's (Mitratel)
lower-margin business of reselling space on towers it does not
own, while margins in the tower lease business remain stable.
TBI's liquidity is supported by high cash flow visibility with
locked-in revenues of USD2.2bn at end-September 2014, which we
expect will increase after the acquisition of Mitratel.

Minimal Exposure to BTel's Weakness: TBI's tenancy composition
will remain solid with investment-grade telcos accounting for more
than 80% of total revenue. The tenancy mix will further improve
after the acquisition of Mitratel, where PT Telekomunikasi Selular
(Telkomsel; AAA(idn)/Stable) is the principal tenant. PT Bakrie
Telecom Tbk's (BTel) liquidity problems will not significantly
affect TBI's leverage because the former accounted for only 3% of
TBI's revenue at end-September 2014.

Robust Industry Outlook: Fitch believes that the growth in the
telecommunications tower industry will remain solid in 2015 and
2016. The growth will be supported by the network expansion of
three largest telcos: Telkomsel, PT XL Axiata Tbk (XL;
BBB/Stable), and PT Indosat Tbk (BBB/Stable). We also believe that
the industry dynamics will remain unchanged with no significant
downward revision of leases, following XL's sale of some of its
towers to PT Solusi Tunas Pratama Tbk.

RATING SENSITIVITIES
Fitch expects no positive rating action as the company's leverage
will remain high in the medium term.

Negative: Future developments that could individually or
collectively lead to negative rating actions include:
- A debt-funded acquisition, or lease defaults by weaker telcos,
or significant dividend payments leading to FFO-adjusted net
leverage remaining above 4.0x on a sustained basis.

The full list of rating actions follows:

Long-Term Foreign-Currency IDR affirmed at 'BB'; Stable Outlook
Long-Term Local Currency IDR affirmed at 'BB'; Stable Outlook
National Long-Term Rating affirmed at 'AA-(idn)'; Outlook Stable
Foreign currency senior unsecured rating affirmed at 'BB'
USD300m guaranteed senior unsecured notes issued by TBG Global Pte
Ltd affirmed at 'BB'
National senior unsecured rating affirmed at 'AA-(idn)'
IDR4trn bond programme affirmed at 'AA-(idn)'
IDR190bn tranche I under the IDR4trn bond programme affirmed at
'AA-(idn)'



===========
T A I W A N
===========


TAIWAN HIGH: FSC Head Allays Banks' Fears Over Loan Security
------------------------------------------------------------
Amy Su at Taipei Times reports that Financial Supervisory
Commission (FSC) Chairman William Tseng said Jan. 8 Taiwanese
banks would be able to secure their loans to debt-ridden Taiwan
High Speed Rail Corp as long as the government does not close the
company down.

Mr. Tseng made the remarks at a meeting of the legislature's
Finance Committee, after the government's financial restructuring
plan for THSRC failed to secure lawmakers' support a day earlier,
which may lead the high-speed rail company to declare bankruptcy
in the near future, according to Taipei Times.

Taipei Times relates that legislators on the Finance Committee
expressed their concerns over the potential impact on the nation's
banking sector, which has provided a total of NT$308.3 billion
(US$9.63 billion) in syndicated loans to THSRC.

"As long as the government keeps THSRC operational, bank
consortiums in Taiwan will see their rights protected and the
public does not need to worry about the issue," the report quotes
Mr. Tseng as saying.

On top of the syndicated loans, THSRC also owes about
NT$60 billion to Taiwanese banks, the report discloses citing
government data.

According to the report, Mr. Tseng said these lenders have asked
the company to open an impound account for repayment, with the
outstanding balance of the account currently standing at NT$43.9
billion.

Taipei Times relates that JPMorgan Securities (Taiwan) Ltd said
the underlying asset quality risks the nation's financial sector
faces from the THSRC case are not as serious as some local media
have suggested, in terms of either preferred shareholders or bank
consortiums.

"Common shareholders could suffer, but not preferred
shareholders," JPMorgan analysts Jemmy Huang and Josh Klaczek said
in a note on Jan. 9, the report relays.

Taipe Times adds JPMorgan said that in this case, Taipei Fubon
Commercial Bank is the only bank that holds common shares of
THSRC, therefore, any potential adverse impact on the banking
sector's earnings should be manageable.  However, it is worth
monitoring whether state-run banks will be forced to provide more
national services thereafter, JPMorgan said.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 10, 2014, The China Post said Minister of Transportation
and Communications (MOTC) Yeh Kuang-shih on Nov. 5, 2014, stated
that deteriorating finances at the Taiwan High Speed Rail
Corporation may result in imminent bankruptcy in March this year.

As of June 2014, the THSR had accumulated losses of NT$47 billion,
and is embroiled in 39 lawsuits relating to redemption of
preferred shares by its investors, The China Post noted.

Most notably, reports suggest that the outlook of four of the 39
preferred shares lawsuits appear to be especially grim as judges
have ruled in favor of investors in the court of first instance,
the report states.  According to the China Post, the Taiwan High
Speed Rail Corp. may be required to furnish NT$53.3 billion to pay
off investors as they exercise their option to redeem holdings of
preferred shares, backed by order of the courts. Under tremendous
financial strain, the THSR may buckle as soon as March of next
year, the China Post said.

Once bankruptcy is declared, the THSR is expected to go under
government receivership, wiping out the fortunes vested in the
company by its five founding shareholders and more than 60,000
members of the investing public, the China Post notes.  In
addition, losses incurred by the THSR are likely to be covered by
the nation's taxpayers, said the China Post.

                           About THSRC

Taiwan High Speed Rail Corporation is principally engaged in the
construction, development and operation of the high-speed railway
system in Taiwan.  The Company is also involved in other high-
speed railway transportation-related businesses and the
development and usage of train station sites.  The Company's high-
speed railway transportation-related businesses include shopping
malls, special stores located in travel agencies, car leasing and
parking lots, among others.  The Company developed train station
sites for hotel, restaurant, entertainment, department store,
financial service, tourism service, communication service and
other uses.

                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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